The shares of Tata Steel climbed nearly 3.6 percent to Rs 610, the highest since September 28, on BSE Wednesday after robust results in the quarter ended September. The net profit of India’s biggest steel maker rose over three-fold to Rs 31.16 billion ($428.8 mln), beating market estimates, supported by strong domestic growth. The stock closed at Rs 589.15 Tuesday. The shares of the company are down nearly 10.9 percent this year as of last close.
What global brokerages say
HSBC
The Indian operations continued to shine in Q2 more than the offsetting disappointing European performance, said HSBC. The brokerage has kept ‘buy’ rating with target price of Rs 890.
Morgan Stanley
The global brokerage kept the net debt remains stable sequentially saying the key positive surprise was better-than-expected realisation in domestic business, while costs were in line
Kotak Institutional Equities
The global brokerage has maintained “add” and raised the target price to Rs 670 from Rs 660.
Meanwhile, Tata Steel on Tuesday beat analyst estimates on all fronts as it reported a threefold rise in the consolidated net profit on a year-on-year basis to Rs 3,116 crore for the July-September 2018 period, much above the Bloomberg consensus estimates of Rs 2,606 crore, as the company recorded strong revenues during the quarter.
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